Persistent Systems rose 2.04% to Rs 1,045.75 at 10:18 IST on BSE after the company said it has set up Accelerite to take a portfolio of products and related solutions to market.
The company made the announcement after market hours on Wednesday, 19 March 2014.
Meanwhile, the BSE Sensex was down 63.20 points, or 0.29%, to 21,769.66.
On BSE, so far 7,597 shares were traded in the counter, compared with an average volume of 15,445 shares in the past one quarter.
The stock hit a high of Rs 1,048.50 and a low of Rs 1,010 so far during the day. The stock hit a record high of Rs 1,220 on 6 March 2014. The stock hit a 52-week low of Rs 477 on 3 July 2013.
The stock had underperformed the market over the past one month till 19 March 2014, rising 1.71% compared with the Sensex's 5.36% rise. The scrip had, however, outperformed the market in past one quarter, rising 9.20% as against Sensex's 5.43% rise.
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The mid-cap company has an equity capital of Rs 40 crore. Face value per share is Rs 10.
Persistent Systems announced the creation of Accelerite to take a portfolio of products and related solutions to market. Accelerfte will be a business unit of Persistent Systems, headquartered in Silicon Valley and led by Nara Rajagopalan.
The formation of Accelerite will bring product-centric alignment to business models, strategies, sales, and operations. Persistent Systems will continue to focus on product development and technology services where it is a well-respected market leader, the company said in a statement.
"The business model for products is distinctly different from services. Over the last few years, we invested in building a portfolio of products and IP focused on SMAC technologies," said Dr. Anand Deshpande, Chairman, Managing Director and CEO of Persistent Systems. "The creation of Accelerite brings the organizational alignment to achieve global leadership for these products."
On a consolidated basis, Persistent Systems' net profit rose 5.61% to Rs 64.20 crore on 0.09% growth in net sales to Rs 432.76 crore in Q3 December 2013 over Q2 September 2013.
Persistent Systems is a global company specializing in software product and technology services. Persistent has a global team of more than 7,500 employees worldwide including offices and delivery centers in North America, Europe, and Asia. Persistent develops solutions in key technology areas including Analytics, Big Data, Cloud Computing, Mobility and Social, for the telecommunications, life sciences, healthcare, and banking & financial services verticals.
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